XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were
RMB41.96 billion (US$5.75 billion ) as ofDecember 31, 2024 - Quarterly total revenues were
RMB16.11 billion , a 59.4% increase quarter-over-quarter - Quarterly gross margin was 14.4%, an increase of 8.2 percentage points over the same period of 2023
- Quarterly vehicle margin was 10.0%, an increase of 5.9 percentage points over the same period of 2023
- Full year vehicle deliveries reached 190,068, a 34.2% increase year-over-year
- Full year revenues reached
RMB40.87 billion , a 33.2% increase year-over-year - Full year gross margin was 14.3%, an increase of 12.8 percentage points year-over-year
Operational and Financial Highlights for the Three Months Ended
| 2024Q4 | 2024Q3 | 2024Q2 | 2024Q1 | 2023Q4 | 2023Q3 | |
| Total deliveries | 91,507 | 46,533 | 30,207 | 21,821 | 60,158 | 40,008 |
- Total deliveries of vehicles were 91,507 for the fourth quarter of 2024, representing an increase of 52.1% from 60,158 in the corresponding period of 2023.
- XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of
December 31, 2024 . XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5 ultra-fast charging stations as ofDecember 31, 2024 .- Total revenues were
RMB16.11 billion (US$2.21 billion ) for the fourth quarter of 2024, representing an increase of 23.4% from the same period of 2023, and an increase of 59.4% from the third quarter of 2024. - Revenues from vehicle sales were
RMB14.67 billion (US$2.01 billion ) for the fourth quarter of 2024, representing an increase of 20.0% from the same period of 2023, and an increase of 66.8% from the third quarter of 2024. - Gross margin was 14.4% for the fourth quarter of 2024, compared with 6.2% for the same period of 2023 and 15.3% for the third quarter of 2024.
- Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 10.0% for the fourth quarter of 2024, compared with 4.1% for the same period of 2023 and 8.6% for the third quarter of 2024.
- Net loss was
RMB1.33 billion (US$0.18 billion ) for the fourth quarter of 2024, compared withRMB1.35 billion for the same period of 2023 andRMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss wasRMB1.39 billion (US$0.19 billion ) for the fourth quarter of 2024, compared withRMB1.77 billion for the same period of 2023 andRMB1.53 billion for the third quarter of 2024. - Net loss attributable to ordinary shareholders of
XPENG wasRMB1.33 billion (US$0.18 billion ) for the fourth quarter of 2024, compared withRMB1.35 billion for the same period of 2023 andRMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders ofXPENG wasRMB1.39 billion (US$0.19 billion ) for the fourth quarter of 2024, compared withRMB1.77 billion for the same period of 2023 andRMB1.53 billion for the third quarter of 2024. - Basic and diluted net loss per American depositary share (ADS) were both
RMB1.40 (US$0.19 ) and basic and diluted net loss per ordinary share were bothRMB0.70 (US$0.10 ) for the fourth quarter of 2024. Each ADS represents two Class A ordinary shares. - Non-GAAP basic and diluted net loss per ADS were both
RMB1.47 (US$0.20 ) and non-GAAP basic and diluted net loss per ordinary share were bothRMB0.73 (US$0.10 ) for the fourth quarter of 2024. - Cash and cash equivalents, restricted cash, short-term investments and time deposits were
RMB41.96 billion (US$5.75 billion ) as ofDecember 31, 2024 , compared withRMB45.70 billion as ofDecember 31, 2023 andRMB35.75 billion as ofSeptember 30, 2024 . Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.
Key Financial Results
(in RMB billions, except for percentage)
| For the Three Months Ended | % Changei | ||||
| 2024 | 2024 | 2023 | YoY | QoQ | |
| Vehicle sales | 14.67 | 8.80 | 12.23 | 20.0% | 66.8% |
| Vehicle margin | 10.0% | 8.6% | 4.1% | 5.9pts | 1.4pts |
| Total revenues | 16.11 | 10.10 | 13.05 | 23.4% | 59.4% |
| Gross profit | 2.32 | 1.54 | 0.81 | 187.2% | 50.8% |
| Gross margin | 14.4% | 15.3% | 6.2% | 8.2pts | -0.9pts |
| Net loss | 1.33 | 1.81 | 1.35 | -1.3% | -26.4% |
| Non-GAAP net loss | 1.39 | 1.53 | 1.77 | -21.5% | -9.2% |
| Net loss attributable to ordinary shareholders | 1.33 | 1.81 | 1.35 | -1.3% | -26.4% |
| Non-GAAP net loss attributable to ordinary shareholders | 1.39 | 1.53 | 1.77 | -21.5% | -9.2% |
| Comprehensive loss attributable to ordinary shareholders | 0.90 | 2.09 | 1.57 | -42.9% | -57.2% |
_____________________________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“In the fourth quarter of 2024, we achieved a series of notable results that reflect holistic upgrade in our capabilities to grow scale. We are well-positioned to significantly expand our market share in the Smart EV industry both in
“With deliveries hitting new highs and ongoing progress in technology-driven cost reductions, our vehicle gross margin further improved to 10%, marking six consecutive quarters of improvement. The company’s overall gross margin remains stable at the mid-teens level,” added Dr.
Recent Developments
Deliveries in January and February 2025
- Total deliveries were 30,350 vehicles in
January 2025 . - Total deliveries were 30,453 vehicles in
February 2025 . - As of
February 28, 2025 , year-to-date total deliveries were 60,803 vehicles.
On
Unaudited Financial Results for the Three Months Ended
Total revenues were
Revenues from vehicle sales were
Revenues from services and others were
Cost of sales was
Gross margin was 14.4% for the fourth quarter of 2024, compared with 6.2% for the same period of 2023 and 15.3% for the third quarter of 2024.
Vehicle margin was 10.0% for the fourth quarter of 2024, compared with 4.1% for the same period of 2023 and 8.6% for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the cost reduction.
Services and others margin was 59.6% for the fourth quarter of 2024, compared with 38.2% for the same period of 2023 and 60.1% for the third quarter of 2024. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.
Research and development expenses were
Selling, general and administrative expenses were
Other income, net was
Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of
Loss from operations was
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was
Net loss was
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was
Net loss attributable to ordinary shareholders of
Non-GAAP net loss attributable to ordinary shareholders of
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Balance Sheets
As of
Unaudited Financial Results for the Fiscal Year Ended
Total revenues were
Revenues from vehicle sales were
Revenues from services and others were
Cost of sales was
Gross margin was 14.3% for fiscal year of 2024, compared with 1.5% for the prior year.
Vehicle margin was 8.3% for fiscal year of 2024, compared with negative 1.6% for the prior year. The year-over-year increase was primarily attributable to the cost reduction.
Services and others margin was 57.2% for fiscal year of 2024, compared with 33.7% for the prior year. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.
Research and development expenses were
Selling, general and administrative expenses were
Other income, net was
Fair value gain on derivative liability relating to the contingent consideration was gain of
Loss from operations was
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was
Net loss was
Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was
Net loss attributable to ordinary shareholders of
Non-GAAP net loss attributable to ordinary shareholders of
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Business Outlook
For the first quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 91,000 and 93,000, representing a year-over-year increase of approximately 317.0% to 326.2%.
- Total revenues to be between
RMB15.0 billion andRMB15.7 billion , representing a year-over-year increase of approximately 129.1% to 139.8%.
The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
Conference Call
The Company’s management will host an earnings conference call at
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
| Event Title: | XPENG Fourth Quarter and Fiscal Year 2024 Earnings Conference Call |
| Pre-registration link: | https://s1.c-conf.com/diamondpass/10044942-kinyg.html |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.
A replay of the conference call will be accessible approximately an hour after the conclusion of the call until
| +1-855-883-1031 | |
| International: | +61-7-3107-6325 |
| 800-930-639 | |
| Mainland |
400-120-9216 |
| Replay Access Code: | 10044942 |
About
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the
For Investor Enquiries
IR Department
E-mail: ir@xiaopeng.com
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com
For Media Enquiries
E-mail: pr@xiaopeng.com
Source:
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
||||||
| As of |
||||||
| 2023 | 2024 | 2024 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 21,127,163 | 18,586,274 | 2,546,309 | |||
| Restricted cash | 3,174,886 | 3,153,390 | 432,013 | |||
| Short-term deposits | 9,756,979 | 12,931,757 | 1,771,643 | |||
| Restricted short-term deposits | - | 110,699 | 15,166 | |||
| Short-term investments | 781,216 | 751,290 | 102,926 | |||
| Long-term deposits, current portion | 7,054,915 | 452,326 | 61,968 | |||
| Accounts and notes receivable, net | 2,716,216 | 2,449,629 | 335,598 | |||
| Installment payment receivables, net, current portion | 1,881,755 | 2,558,756 | 350,548 | |||
| Inventory | 5,526,212 | 5,562,922 | 762,117 | |||
| Amounts due from related parties | 12,948 | 43,714 | 5,989 | |||
| Prepayments and other current assets | 2,489,339 | 3,135,312 | 429,535 | |||
| Total current assets | 54,521,629 | 49,736,069 | 6,813,812 | |||
| Non-current assets: | ||||||
| Long-term deposits | 3,035,426 | 4,489,036 | 614,995 | |||
| Restricted long-term deposits | 767,899 | 1,487,688 | 203,812 | |||
| Property, plant and equipment, net | 10,954,485 | 11,521,863 | 1,578,489 | |||
| Right-of-use assets, net | 1,455,865 | 1,261,663 | 172,847 | |||
| Intangible assets, net | 4,948,992 | 4,610,469 | 631,632 | |||
| Land use rights, net | 2,789,367 | 2,744,424 | 375,985 | |||
| Installment payment receivables, net | 3,027,795 | 4,448,416 | 609,430 | |||
| Long-term investments | 2,084,933 | 1,963,194 | 268,956 | |||
| Other non-current assets | 576,150 | 443,283 | 60,730 | |||
| Total non-current assets | 29,640,912 | 32,970,036 | 4,516,876 | |||
| Total assets | 84,162,541 | 82,706,105 | 11,330,688 | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||
| As of |
|||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Short-term borrowings | 3,889,100 | 4,609,123 | 631,447 | ||||||
| Accounts and notes payable | 22,210,431 | 23,080,481 | 3,162,013 | ||||||
| Amounts due to related parties | 30,880 | 9,364 | 1,283 | ||||||
| Operating lease liabilities, current portion | 365,999 | 324,496 | 44,456 | ||||||
| Finance lease liabilities, current portion | 34,382 | 41,940 | 5,746 | ||||||
| Deferred revenue, current portion | 630,997 | 1,275,716 | 174,772 | ||||||
| Long-term borrowings, current portion | 1,363,835 | 1,858,613 | 254,629 | ||||||
| Accruals and other liabilities | 7,580,195 | 8,650,636 | 1,185,132 | ||||||
| Income taxes payable | 5,743 | 14,514 | 1,988 | ||||||
| Total current liabilities | 36,111,562 | 39,864,883 | 5,461,466 | ||||||
| Non-current liabilities | |||||||||
| Long-term borrowings | 5,650,782 | 5,664,518 | 776,036 | ||||||
| Operating lease liabilities | 1,490,882 | 1,345,852 | 184,381 | ||||||
| Finance lease liabilities | 777,697 | 777,697 | 106,544 | ||||||
| Deferred revenue | 668,946 | 822,719 | 112,712 | ||||||
| Derivative liability | 393,473 | 167,940 | 23,008 | ||||||
| Deferred tax liabilities | 404,018 | 341,932 | 46,844 | ||||||
| Other non-current liabilities | 2,336,654 | 2,445,776 | 335,070 | ||||||
| Total non-current liabilities | 11,722,452 | 11,566,434 | 1,584,595 | ||||||
| Total liabilities | 47,834,014 | 51,431,317 | 7,046,061 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A Ordinary shares | 103 | 104 | 14 | ||||||
| Class |
21 | 21 | 3 | ||||||
| Additional paid-in capital | 70,198,031 | 70,671,685 | 9,681,981 | ||||||
| Statutory and other reserves | 60,035 | 95,019 | 13,017 | ||||||
| Accumulated deficit | (35,760,301 | ) | (41,585,549 | ) | (5,697,197 | ) | |||
| Accumulated other comprehensive income | 1,830,638 | 2,093,508 | 286,809 | ||||||
| Total shareholders' equity | 36,328,527 | 31,274,788 | 4,284,627 | ||||||
| Total liabilities and shareholders’ equity | 84,162,541 | 82,706,105 | 11,330,688 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||||
| Three Months Ended | |||||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Revenues | |||||||||||
| Vehicle sales | 12,228,314 | 8,795,011 | 14,671,128 | 2,009,936 | |||||||
| Services and others | 822,116 | 1,306,699 | 1,433,968 | 196,453 | |||||||
| Total revenues | 13,050,430 | 10,101,710 | 16,105,096 | 2,206,389 | |||||||
| Cost of sales | |||||||||||
| Vehicle sales | (11,732,955 | ) | (8,039,240 | ) | (13,200,594 | ) | (1,808,474 | ) | |||
| Services and others | (508,003 | ) | (521,022 | ) | (579,725 | ) | (79,422 | ) | |||
| Total cost of sales | (12,240,958 | ) | (8,560,262 | ) | (13,780,319 | ) | (1,887,896 | ) | |||
| Gross profit | 809,472 | 1,541,448 | 2,324,777 | 318,493 | |||||||
| Operating expenses | |||||||||||
| Research and development expenses | (1,307,745 | ) | (1,633,071 | ) | (2,006,463 | ) | (274,884 | ) | |||
| Selling, general and administrative expenses | (1,936,503 | ) | (1,633,196 | ) | (2,275,400 | ) | (311,729 | ) | |||
| Total operating expenses | (3,244,248 | ) | (3,266,267 | ) | (4,281,863 | ) | (586,613 | ) | |||
| Other income, net | 352,391 | 39,908 | 196,436 | 26,912 | |||||||
| Fair value gain (loss) on derivative liability relating to the contingent consideration |
29,339 | (162,185 | ) | 204,637 | 28,035 | ||||||
| Loss from operations | (2,053,046 | ) | (1,847,096 | ) | (1,556,013 | ) | (213,173 | ) | |||
| Interest income | 342,780 | 318,021 | 301,177 | 41,261 | |||||||
| Interest expense | (73,225 | ) | (83,461 | ) | (94,001 | ) | (12,878 | ) | |||
| Fair value gain on derivative liability | 561,415 | - | - | - | |||||||
| Investment (loss) gain on long-term investments | (185,318 | ) | (216,768 | ) | 10,069 | 1,379 | |||||
| Exchange gain (loss) from foreign currency transactions | 46,362 | 47,565 | (104,994 | ) | (14,384 | ) | |||||
| Other non-operating income, net | 27,364 | 6,444 | 94,093 | 12,891 | |||||||
| Loss before income tax (expenses) benefit and share of results of equity method investees |
(1,333,668 | ) | (1,775,295 | ) | (1,349,669 | ) | (184,904 | ) | |||
| Income tax (expenses) benefit | (21,754 | ) | (7,025 | ) | 44,092 | 6,041 | |||||
| Share of results of equity method investees | 7,807 | (25,400 | ) | (24,396 | ) | (3,342 | ) | ||||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Net loss attributable to ordinary shareholders of |
(1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||||
| Three Months Ended | |||||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustment, net of tax | (222,618 | ) | (284,343 | ) | 433,820 | 59,433 | |||||
| Total comprehensive loss attributable to |
(1,570,233 | ) | (2,092,063 | ) | (896,153 | ) | (122,772 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of |
(1,570,233 | ) | (2,092,063 | ) | (896,153 | ) | (122,772 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share |
|||||||||||
| Basic and diluted | 1,787,655,242 | 1,893,857,778 | 1,898,086,802 | 1,898,086,802 | |||||||
| Net loss per ordinary share attributable to ordinary shareholders |
|||||||||||
| Basic and diluted | (0.75 | ) | (0.95 | ) | (0.70 | ) | (0.10 | ) | |||
| Weighted average number of ADS used in computing net loss per share |
|||||||||||
| Basic and diluted | 893,827,621 | 946,928,889 | 949,043,401 | 949,043,401 | |||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (1.51 | ) | (1.91 | ) | (1.40 | ) | (0.19 | ) | |||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||||
| Three Months Ended | |||||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Loss from operations | (2,053,046 | ) | (1,847,096 | ) | (1,556,013 | ) | (213,173 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration |
(29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP loss from operations | (1,915,349 | ) | (1,570,948 | ) | (1,616,975 | ) | (221,525 | ) | |||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration |
(29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Fair value gain on derivative liability | (561,415 | ) | - | - | - | ||||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP net loss | (1,771,333 | ) | (1,531,572 | ) | (1,390,935 | ) | (190,557 | ) | |||
| Net loss attributable to ordinary shareholders | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration |
(29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Fair value gain on derivative liability | (561,415 | ) | - | - | - | ||||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP net loss attributable to ordinary shareholders of |
(1,771,333 | ) | (1,531,572 | ) | (1,390,935 | ) | (190,557 | ) | |||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||||
| Three Months Ended | |||||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share |
|||||||||||
| Basic and diluted | 1,787,655,242 | 1,893,857,778 | 1,898,086,802 | 1,898,086,802 | |||||||
| Non-GAAP net loss per ordinary share | |||||||||||
| Basic and diluted | (0.99 | ) | (0.81 | ) | (0.73 | ) | (0.10 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share |
|||||||||||
| Basic and diluted | 893,827,621 | 946,928,889 | 949,043,401 | 949,043,401 | |||||||
| Non-GAAP net loss per ADS | |||||||||||
| Basic and diluted | (1.98 | ) | (1.62 | ) | (1.47 | ) | (0.20 | ) | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||
| For the Year Ended |
|||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Revenues | |||||||||
| Vehicle sales | 28,010,857 | 35,829,402 | 4,908,608 | ||||||
| Services and others | 2,665,210 | 5,036,907 | 690,053 | ||||||
| Total revenues | 30,676,067 | 40,866,309 | 5,598,661 | ||||||
| Cost of sales | |||||||||
| Vehicle sales | (28,457,909 | ) | (32,866,163 | ) | (4,502,646 | ) | |||
| Services and others | (1,767,003 | ) | (2,154,378 | ) | (295,149 | ) | |||
| Total cost of sales | (30,224,912 | ) | (35,020,541 | ) | (4,797,795 | ) | |||
| Gross profit | 451,155 | 5,845,768 | 800,866 | ||||||
| Operating expenses | |||||||||
| Research and development expenses | (5,276,574 | ) | (6,456,734 | ) | (884,569 | ) | |||
| Selling, general and administrative expenses | (6,558,942 | ) | (6,870,644 | ) | (941,274 | ) | |||
| Total operating expenses | (11,835,516 | ) | (13,327,378 | ) | (1,825,843 | ) | |||
| Other income, net | 465,588 | 589,227 | 80,724 | ||||||
| Fair value gain on derivative liability relating to the contingent consideration | 29,339 | 234,245 | 32,091 | ||||||
| Loss from operations | (10,889,434 | ) | (6,658,138 | ) | (912,162 | ) | |||
| Interest income | 1,260,162 | 1,374,525 | 188,309 | ||||||
| Interest expense | (268,666 | ) | (343,982 | ) | (47,125 | ) | |||
| Fair value loss on derivative liability | (410,417 | ) | - | - | |||||
| Investment loss on long-term investments | (224,364 | ) | (261,991 | ) | (35,893 | ) | |||
| Exchange gain (loss) from foreign currency transactions | 97,080 | (49,543 | ) | (6,787 | ) | ||||
| Other non-operating income, net | 41,934 | 108,154 | 14,817 | ||||||
| Loss before income tax (expenses) benefit and share of results of equity method investees |
(10,393,705 | ) | (5,830,975 | ) | (798,841 | ) | |||
| Income tax (expenses) benefit | (36,810 | ) | 69,780 | 9,560 | |||||
| Share of results of equity method investees | 54,740 | (29,069 | ) | (3,982 | ) | ||||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Net loss attributable to ordinary shareholders of |
(10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||
| For the Year Ended |
|||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Other comprehensive income | |||||||||
| Foreign currency translation adjustment, net of tax | 286,614 | 262,870 | 36,013 | ||||||
| Total comprehensive loss attributable to |
(10,089,161 | ) | (5,527,394 | ) | (757,250 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of |
(10,089,161 | ) | (5,527,394 | ) | (757,250 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share |
|||||||||
| Basic and diluted | 1,740,921,519 | 1,891,357,212 | 1,891,357,212 | ||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||
| Basic and diluted | (5.96 | ) | (3.06 | ) | (0.42 | ) | |||
| Weighted average number of ADS used in computing net loss per share | |||||||||
| Basic and diluted | 870,460,760 | 945,678,606 | 945,678,606 | ||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||
| Basic and diluted | (11.92 | ) | (6.12 | ) | (0.84 | ) | |||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
|||||||||
| For the Year Ended |
|||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Loss from operations | (10,889,434 | ) | (6,658,138 | ) | (912,162 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP loss from operations | (10,368,238 | ) | (6,418,728 | ) | (879,363 | ) | |||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Fair value loss on derivative liability | 410,417 | - | - | ||||||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP net loss | (9,444,162 | ) | (5,550,854 | ) | (760,464 | ) | |||
| Net loss attributable to ordinary shareholders | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Fair value loss on derivative liability | 410,417 | - | - | ||||||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP net loss attributable to ordinary shareholders of |
(9,444,162 | ) | (5,550,854 | ) | (760,464 | ) | |||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share |
|||||||||
| Basic and diluted | 1,740,921,519 | 1,891,357,212 | 1,891,357,212 | ||||||
| Non-GAAP net loss per ordinary share | |||||||||
| Basic and diluted | (5.42 | ) | (2.93 | ) | (0.40 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share |
|||||||||
| Basic and diluted | 870,460,760 | 945,678,606 | 945,678,606 | ||||||
| Non-GAAP net loss per ADS | |||||||||
| Basic and diluted | (10.85 | ) | (5.87 | ) | (0.80 | ) | |||
Source: XPeng Inc.